• 1-800-526-8630U.S. (TOLL FREE)
  • 1-917-300-0470EAST COAST U.S.
  • +353-1-416-8900REST OF WORLD
Preliminary Ratings Assigned In BBVA's Fourth Spanish CLO Of SME Loans Sep 05 Product Image

Preliminary Ratings Assigned In BBVA's Fourth Spanish CLO Of SME Loans Sep 05

  • ID: 1710586
  • September 2005
  • Region: Spain
  • Standard & Poors

Abstract
LONDON (Standard & Poor's) Sept. 7, 2005Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the €1.25 billion mortgage-backed floating-rate notes to be issued by BBVA-4 PYME, Fondo de Titulización de Activos, an SPE (see list below). The originator is Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), the second-largest Spanish banking group and the ninth in the Eurozone by market capitalization. At closing, BBVA will sell to BBVA-4 PYME a €1.25 billion closed portfolio of secured and unsecured loans granted to Spanish SMEs. To fund this purchase, Europea de Titulización, SGFT, S.A., as trustee, will issue four classes of floating-rate, quarterly paying notes on behalf of BBVA-4 PYME. BBVA-4 PYME is the fourth CLO completed...

Companies mentioned in this report are:
- BBVA-4 PYME Fondo de Titulizacion de Activos
- Banco Bilbao Vizcaya Argentaria S.A.

Action: Outlook: Developing
Action: Preliminary Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Note: Product cover images may vary from those shown

- BBVA-4 PYME Fondo de Titulizacion de Activos
- Banco Bilbao Vizcaya Argentaria S.A.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

RELATED PRODUCTS